CPA? Accountant? How do I Choose?

By | Accounting Advice

Proper financial accounting is foundational to the success of every business. Yet the financial responsibilities and functions of an enterprise can be daunting, especially for small businesses. Typically, there needs to be at least one bookkeeper who handles the day-to-day financial functions including entering data and making reports, sending invoices, recording payments, managing accounts payable and receivable, making payments, running payroll, and paying state taxes. An accountant operates at a higher level, verifying the accuracy of the bookkeeper’s work, managing…

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1099 Filing Requirements Have a New Form this Year

1099 Filing Requirements Have a New Form this Year

By | Accounting Advice, Small Business Advice

Every business owner’s favorite: the 1099 filing requirements.  Business owners must understand there is a new form when preparing 1099 forms this year.   Every year business owners must file a 1099 form reporting nonemployee compensation paid to subcontractors, etc for all types of services.  Here are four things you should be aware of as a business owner:   Many businesses chose to ignore this filing requirement and just not file 1099s.  Just be aware the maximum penalty for not…

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Tax Solutions for Businesses Affected by COVID-19

By | Uncategorized

Small business owners have been severely impacted this year thanks to the COVID-19 pandemic. Those that haven’t had to shut down temporarily may be dealing with other issues such as supply chain interruptions or reduced business.   Business owners still have to pay taxes, but the IRS has offered some tax relief programs as relief. Here are four ways that the federal government is trying to help small businesses with tax-related programs.    1. Coronavirus-related Paid Leave When your employees…

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How to Keep Current with Cash Flow

By | Accounting Advice, Small Business Advice

Cash flow is simply the flow of funds into and out of a company. The cash flow statement is the essential summary of the cash coming into a business including sales, collecting accounts receivable, investments, and loans. And it reflects the funds going out of a business including accounts payable, operating expenses, payroll, sales and marketing expenses, and loan repayments. Cash is a current thing, not a yesterday thing, and not a tomorrow thing. As American businessman and author Robert…

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Ready, Set…AUTUMN Accounting Readiness

By | Accounting Advice, Small Business Advice

We’ve all heard the old quotes about time like “Time waits for no one,” and “There is no time like the present.” It is true that time matters a lot. And in business, the time taken to plan and prepare in advance is critical to achieving success. It is amazing to think that the autumn season is already upon us and that means that it is indeed time to make important financial preparations as the end of the year approaches….

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IRS Sends Out Incorrect Notices of Balance Due. Don’t Put a Stop Payment on the Check with Your Bank!

By | Accounting Advice

In recent weeks taxpayers have received many IRS notices stating they have not paid their 2019 taxes even though the tax was timely filed and paid.   It seems during the pandemic when IRS workers were off, the IRS accumulated unopened mail in trailers set up outside the IRS facilities.  With the electronic filing system the actual tax return and balance due goes into the IRS computers immediately when efiled.  As a result the system is generating balance due notices…

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How to Make a Great First Hire

By | Small Business Advice

Hiring just anybody is easy. Simply see if they can “fog a mirror.” Yet, hiring the right person, especially the first hire for a small business, may not be easy but it is crucial. It is crucial because a business owner should want the hire to fit, to contribute, and to stay contributing. As Lawrence Bossidy, author and former COO of General Electric said, “I am convinced that nothing we do is more important than hiring and developing people. At…

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Is it That Time Again? Monthly and Quarterly Financial Reports

By | Accounting Advice

Business success requires a lot of things including a mission/purpose, excellent products or services, good people, and good operations. But it also requires profits. The old saying “No margin, no mission,” means that every successful company must have good financial and accounting practices that help it to achieve sustained profitability. As financial and investment expert Warren Buffett said, “Accounting is the language of business.” That “language” requires monthly reporting, quarterly, and annual reports. Good information is both accurate and timely,…

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